Without identifying its sources, the broadcaster said the firm has submitted an offer to buy the business.

However, it added that the process is at an early stage and a number of undisclosed competing parties have expressed an interest.

As such, there is no guarantee that Patron’s approach will be successful.

Sky News noted that if the company does go ahead with an acquisition of Admiral, it may not necessarily decide to combine the business with Punch Taverns, which it is currently in the process of acquiring.

Patron agreed to pick up the pub leasing firm, which has its headquarters in Burton-upon-Trent, for GBP 1.78 billion via its Vine Acquisitions vehicle in December of last year.

Under the terms of the proposed takeover, the buyer would transfer A shares to Dutch brewing giant Heineken upon completion.

However, the Amsterdam-headquartered beer maker’s involvement could pose a problem and the Competition and Markets Authority is currently evaluating the transaction over concerns it could have an adverse effect on competition in the UK pub market.

Back in June the regulator concluded an initial review of the operations and has since initiated an in-depth phase two investigation, meaning the deal’s future hangs in the balance.

A final judgement on the matter is due to be handed down by 22nd August.

Admiral Taverns describes itself as the top community pub group in the UK, with an estate of around 1,000 primarily wet-led locations.

Zephyr, the M&A database published by Bureau van Dijk, shows there have been 21 deals targeting operators of establishments servicing alcoholic beverages announced since the beginning of 2017.

The most valuable of these was worth USD 372.50 million and involved a consortium of private equity investors buying a majority stake in in Spanish nightclub operator Pacha from El Firmamento Estelar.